We estimate Taiwan’s addressable e-commerce (EC) market will double in 10 years with penetration increasing to 20% of retail sales from 13% in 2020 as COVID-19 restrictions foster on-line purchases and accelerate brands/wholesalers' off-line to on-line migration. Our study throws up three trends in the Taiwan retail market: 1) the EC market has consistently outgrown the retail market in the past 10 years and penetration has accelerated since 2019, driven by the pandemic; 2) off-line retailers have been building EC platforms and payment apps to offset the normalized SSSG at physical stores; and, 3) subscription services and loyalty programs have been launched to retain customers and to promote frequent purchases. We expect EC operators to benefit from the structural rise in on-line penetration and for department stores/hypermarkets to be the most vulnerable. Specialty stores and convenience stores should be relatively defensive, due to differentiated product offerings, experiential shopping experience and product accessibility. Our pecking order is: MoMo.Com > Poya > PCSC.